NEW DELHI: The Enforcement Directorate has arrested Gautam Thapar, Avantha Group promoter and Professional Golf Tour of India president, in connection with a money laundering case.
The agency arrested Thapar late Tuesday after day-long questioning in connection with the alleged property transaction between Avantha Realty and YES Bank’s co-founder Rana Kapoor and his wife, ANI quotes officials as having said.
The industrialist was arrested following searches at multiple locations in Delhi and Mumbai.
The ED had registered a case against Thapar and promoters and directors of two private companies based in Delhi and Gurugram for causing an alleged loss of approximately Rs 4.67 billion to YES Bank.
The Central Bureau of Investigation has already been investigating a corruption case registered against Thapar for his alleged role in the loan bank fraud matter.
ED began its probe in the Prevention of Money Laundering Act (PMLA) based on the CBI’s first information report in the case, which was filed on the complaint from the State Bank of India on behalf of the consortium of 11 other lender banks, including YES Bank.
